How the 50 Best Online Forex Trading Courses for Beginners Reviews and Ratings were Conducted
Table of Contents
What is Forex Trading
Before we delve into reviewing the 50 best online forex trading courses for beginners let’s get off to a solid start. As much this review resources assumes that the reader is familiar with at least the basics of what forex is and what forex trading generally is all about, it will be helpful to start off with establishing what forex really is. Forex is what has come to be a commonly used abbreviation or short hand for “foreign exchanges”. The phrase is used to denote trading in the foreign exchange market. Before the innovative internet age forex trading was almost exclusive preserve of banking institutions, big investors and the other big players in the finance world. Thanks to technology over the past decade’s forex trading has become accessible to ordinary individuals meaning anyone with what it takes can get their slice of this trillion-dollar business.
How does Forex Trading Really work?
Forex trading is all about buying and selling currencies with the aim of making a gain. Forex traders make gains based of forex market fluctuations. Here is a brief forex trading example scenario, if the US dollar is expected to weaken against the Australian dollar (AUD) a forex trader in such a scenario can sell US Dollars and buy Australia dollars. As the AUD strengthens the purchasing power to purchase dollars goes up. What that means is that the trader can then purchase more dollars that he/she started off with and thus make a profit in the process. This is how forex trading basically works. Traders do exactly that in essence at widely varying trading capabilities and approaches of course.
Do I need formal education to start a profitable forex Career?
Formal education is not necessary in order to begin forex trading career. Having said that it is however critical to understand that gaining a solid forex education is key. This can be obtained through formal education or though taking up a forex mentorship course, or enrolling for an online forex course particularly those that are packaged with a beginner in mind as the top 50 online forex courses for beginners we are reviewing in this course buying guide. Forex trading is one area with the highest failure rates and the main reason for this is that many misinformed want-to-be traders simply dive into the deep end of forex trading without having acquired sound knowledge and understanding of the how the markets work and intricacies of forex trading. You could also inch towards the same goal with a free forex trading course but there are hardly any free forex courses out there which are comprehensive and thorough enough to transform a rookie into a guru. If you are really serious about mastering the skill and technique of consistent and profitable forex trading don’t fall for the temptation of taking shortcuts. Invest in sound forex education. The online courses space has many affordable options and you can get a solid forex trading education for way less than $300. This is a better route to take than to hit short cuts and land yourself in the bitter commonplace of severe loss and disappointment. When it comes to forex trading and even forex education, the is no sure fire way of making money through forex trading. There is NO holy grail whatsoever. But here is the principle, with any of the courses we are reviewing here (particularity the top 10) you will master the art of trading forex in such a way that you will have more profitable trades that you have losing trades. That is the only realistic perspective on forex trading. If you have been promised something else, it could be some course or program that promised to set you on a 100% winning path, sorry to burst your bubble. There is no such in the world forex trading.
What is Covered in A Forex Trading Course for Beginners?
The scopes of forex trading courses vary quite widely. This depends largely on the niche of the course and the preferred focus of the tutor. Nonetheless, what is key for a beginner is to take up a course that covers all the essentials of forex trading. In other words, the reviews criteria that we have detailed at the bottom of this resources will help you arrive at a great forex trading course. The course should cover everything you need to know about forex trading right from unpacking the technical jargon, up through the technical aspects of the game right down to do the entrails of the psychology of trading and how to build a sustainable and profitable forex trading plan, amongst other critical modules. Keep reading to get to the nitty grittis of what we considered to arrive at the 500 best online forex trading courses for beginners.
I have never Traded Forex, Is this for me?
As much forex trading is a form of business that cannot be approached simplistically given its intricacies, forex trading is not rocket science. The difference between those who succeed and those who fail is that those who fail aim for quick results and overlook the need to take time investing in thorough forex education, which is what successful traders do before they throw their hard earned capital into the brutal jaws of real time trading. The courses reviewed are particularly aimed at beginners, i.e. those that have not traded forex before. We have taken thought to handpick courses that are packaged with beginners in mind. Some courses does cater to the intermediate as well as to the advanced trader but every course we review here is a good fit for you if you are a beginner.
How do you Choose the Best Forex Course for a Beginner?
Choosing the best forex course as a beginner requires you to factor in certain principles that will guide you to a learning resource that will give you value for your money. To simplify things for you; this review is based on the following five forex courses ranking, rating and reviewing pillars.
Course Credibility, Course Scope, Delivery, Trading Innovations and Key Modules. These pillars are detailed below.
How to get the most from the forex trading Courses?
So what exactly should you look for in online forex trading courses? This brings us to the rankling factors and attributes with which we arrived at the ratings and rankings of the top 50 online forex trading courses.
Ranking Factors and Attributes for the Best Forex Courses
Under course credibility, we were concerned with the weight and general impression on the course from the actual students. Most, if not all courses we review here are Udemy Courses. The Udemy platform enables us to access the reviews posted by students and this enables us to compile user based reviews and ratings of the course.
No. of Students Enrolled
The aspect of course credibility also looks into the number of students enrolled for that course. This may disadvantage new courses that have not enjoyed any enrollments but the aim of the review is to help a genuine forex course seeker with the safest options and thus we can’t take chances with new courses whose credibility and weight has not been prooved, never mind how great the courses may be.
This course credibility metric also looks at ratings that each course has. Students can rate the course in the range of 1 to 5 stars. 5 stars being the highest rating while 1 is the lowest. This helps us glean a sense of how these courses perform in the market and particularly how the students feel about the courses.
Money Back Guarantee
Since the courses we are reviewing are premium courses, it important to consider if the courses do offer the student the value for their money, and most importantly if the students can claim back their money should they be dissatisfied with the course. So; the Money Back Guarantee feature is major considerable in our review framework.
Help & Support
The last metric on the course credibility ranking factor is quality of help and support that students get in the course they are enrolled in. Is the course instructor accessible to answer student questions on a 1 on 1 basis? What is the e turn around on submitted tickets if there is a ticket system or a virtual help desk? The bottom line here is that no matter how great course content and delivery is, the instructor must have an effective and efficient system for promptly helping students with questions and areas where they need help.
Is the course good for a Beginner, Intermediate & Advanced Trader?
The second ranking factor we are narrowing down to in our review framework is course scope. Under course scope, the ranking attributes factor in that the course primarily caters to a beginner forex trader and whether or not the course can pull the student through the intermediate levels up to advanced stages of forex trading. The point is that the course must be packaged in a manner that assumes that the learner Does NOT KNOW ANYTHING. Having underscored that part, it is important to factor in whether or not the course does take the learner up the beginner stage through intermediate level up to a point where the student can kick start a profitable forex trading journey as an advanced trader. This is what makes up a well-rounded online forex trading course that offers value for the leaner’s investment. There are many ways of approaching the market as a forex trader. The major approaches to forex trading are Fundamental Analysis, Technical Analysis and Sentiment analysis of which the first two are not only the most common but the most important to master.
In forex trading, fundamental analysis focuses on the underlying forces driving the forex market. Fundamental analysis is concerned with forces that influence national and international economies behind the currencies that constitute the forex market. Fundamental analysis purports to map out price action and trends based on economic indicators analysis as well as the analysis of government policy in line with global social-economic factors. Fundamental analysis is one of the core components for any forex trading framework and therefore a major component in a trader’s approach to the market.
Technical analysis is the commonly preferred approach to the market especially by modern traders.
Unlike Fundamental analysis, Technical analysis is concerned with price action.
The salient tenet of technical analysis is that everything that is important to know about the market and the underlying forces driving it is reflected in the price. Many forex trading approaches such as price are based on technical analysis and mastering technical analysis requires a grasp of fundamental analysis. In light of the foregoing, any sound online forex course should cover both fundamental analysis and technical in-depth in core course content.
Videos, Adios, EBooks/PDFs, Charts & Live Trading
On the Ranking Factor of delivery, the major attributes include the availability of materials that the constitute course content. Does the method of delivery employ videos and audios? Does the course come with live trading sessions for illustration purposes? Are there downloadables such as Pdfs, EBooks that students can access?
What is also key is whether or not the course includes charts and other resources that help to effectively drive points home and equip the leaners with the knowledge and skills they need to become master traders. Does the instructor present live trading sessions for tutoring purposes? This weighs significantly practicability on the concepts being taught as students are exposed to the application on the acquired theories in real time trading.
What is MetaTrader4 and why does it matter? MetaTrader4 is the most popular and most trusted windows based electronic trading platform which comes with automated trading capabilities. Many top forex brokerages are running on the MetaTrader4 platform. Any sound forex trading course particularly for beginners must familiarize the budding trader with the most common trading technologies if it should satisfy the metrics of relevance and practicality. The course should cover the basics of the MT4 platform as well as how to install and find your way around the most important functionalities and features of the platform. In our review, the MetaTrader4 scope is a significant ranking and rating factor as we aim to simplify the search for the best forex course for beginners.
Expert Advisors (EAs)
What is an expert Advisor? An expert advisor is program that has been developed in the MetaQuotes Language (MQL 4) the same language used in the MetaTrader4 innovation. The program is primarily used to automate analytical and trading processes. Expert Advisors implement prompt technical analysis of price data. These also manage trading activities on the basis of preprogramed trading strategies. What is important to know at this stage is that the entire flow and logic of technical analysis as well as trading can be computed into an EA. It is important that a forex trading course aimed at beginners should thrash the subject of EAs and help the learner find their feet on what EAs are and what they are not. The area of automated trading is a space riddled with untold deception and it is where most traders fail quite “flamboyantly” so to speak. Without a learning scope on EAs pervading myths and misconceptions about automated or robotic trading will remain potent in the minds of many a trader and thus we consider the inclusion of EAs in course scope to be a significant ranking factor.
Charting is a critical component of mastering the art and science of profitable forex trading. Systematic trading is all about making mathematically sound trade decisions. Innovative trading technologies have opened up a wide horizon of possibilities in many spheres of modern life including forex trading. Traders have a plethora of opportunities in the market based on how good they are at analyzing the market and making the best decisions at the right time. Forex charts are what enable traders to process a lot of critical decision-making information in short spaces of time. This holds true particularly for day traders who do not hold trading positions for a very long time.
One of the most common chart types is the Japanese Candlesticks charts. This is also the oldest of all charting types in the trading world. Basically the candlesticks are a thin line which shows the period’s trading range. On the chart you will see a wide bar on the vertical line indicating the difference between the open and close. In a nutshell, the candlestick gives a trader a currency's value at open, high, low and close for a given day. Below is a concise explanation of the most common chart type and how to make use of this in the trading context.
Key areas on this aspect should include, how to read forex chart, using candlesticks charts, adding an indicator and drawing a trend line, etc. Any sound forex trading course must introduce students to charting and empower them with the critical skills of making the most of the chart types best suited to their trading styles and goals.
Forex indicators are also major component of online forex trading. No forex trading course is worth its salt if it does not cover the subject indicators. Indicators, sometime referred to as “currency market indicators” play a special role of presenting outcomes of statistical values such as trading volume and price. As a trader part of your essential work is to analyze each function and behavior and try to map out if the current market trend will hold out or change. Let's look at a practical example. If you are using technical analysis approaches to trading the market an indicator can help you determine if it’s time to open a trade or to close an open trading position. Indicators work on MT4 charts to indicate prices and trading volumes for currency pairs as well as other financial instruments.
There are various indicators that a forex trader or mentor can choose to focus on. Some of the common indicators are listed below. These come in form of separate graphs primarily to overall market trends.
- AO: Awesome Oscillator
- ADX: Average Directional Index
- ATR: Average True Range
- CCI: Commodity Channel Index
- MACD: Moving Average Convergence/Divergence
- ROC: Rate of Change
- RSI: Relative Strength Index
- Standard Deviation
- Stochastic RSI
- Fast Stochastic
- Slow Stochastic
- Full Stochastic
- Ultimate Oscillator
Among the myriad of indicators, there is also a group known as overlays. These are plotted directly on the price curve. Why do you need to know about these as beginner forex trader? As a trader you will be using these to compare the price curve with perceived market trends and you may decide to take certain actions at a stage when the price curve intersects particular overlay curves. It therefore key that you at least know about these indicators.
- Bollinger Bands
- EMA: Exponential Moving Average
- Ichimoku Kinko Hyo
- Parabolic SAR
- Pivot Points
- SMA: Simple Moving Average
- WMA: Weighted Moving Average
Trend Indicators also take a critical part in the paraphernalia of online forex trading. Trend lines are added by trader so as to zero in on perceived price movement trends. Some of the common trends include the following:
- Fibonacci Trend Lines
- Pivot Point Trend Lines
- Speed Lines
Do not get lost in the maze of multiple forex indicators. Ultimately your forex trading strategy will be based on the 4 key indicator tools which essentially are:
- A trend-following Tool
- Trend Confirmation Tool
- An Overbought/Oversold Tool
- A Profit-Taking Tool
Any forex trading course that does not cover the inalienable dimension of trends is not complete. Trends are part of what makes up the bones and flesh of forex trading. The dynamic of trends is so fundamental that there are trading strategies built on trends in what is known as the phenomenon of trend trading. A comprehensive forex trading course will equip the leaner with the skills of placing trades in the direction of trends. How the trader may want to build a trend-based trading strategy will largely depend on their preferences as well as their short term and long term goals. Having mentioned that, the basics of trend trading must be covered in any meaningful forex trading course aimed at giving the learner trader a solid start from the word go. The concept of trends helps traders to match their trading strategy with fitting market conditions. What makes trends tradable is that a trend means that a bias has already formed seen in a given market. A well packaged beginner forex trading course would at least enable the students to start building their own trend based trading strategies. The concept of moving averages, how to enter a trend, how to diagnose trends using price action and the different types of trends should be covered in the course.
Terms & Definitions
As mentioned earlier on, a good online forex trading course must assume that the student does not know anything. Forex trading is a very much technical undertaking. There is therefore a lot of jargon that goes with the dispclinine. It is critical for forex trading courses aimed at beginners to go at good lengths in explaining technical terms and giving definitions. The instructors should not assume that the student would know what a base currency or quote currency is before even getting to the principles of interpreting Candlesticks and Expert Advisors.
Trading Strategy Development
The reason why you have come down to looking for the best forex trading course is that you have understood that it takes knowledge, practice and experience to trade forex profitably. In fact, that is the dividing line between profitable forex traders and those who have failed bitterly. The core objective of a forex trading course is to empower the leaner with the relevant knowledge, skills and techniques of trading forex systematically. The learning curve should therefore logically culminate in a forex trading strategy. Without a module on how to develop a solid forex trading plan everything he student has acquired remains in the air. All the skills, concepts, principles, theories and techniques that have been ingrained in the student’s mind should be “organizable” into a sound forex trading plan that the leaner can go with into the real-time forex trading world and get results.
The Forex Trading Strategy Development module should empower the students on how to define the short term and long term trading goals. The module should also cover how the student can get to define their trading strategy and all aspects of how to trade as well as to analyze the markets.
There are many finer components that go into forex trading strategy development and instructors will approach this part quite differently but the bottom line is the same. Acquired forex trading education must be organized into a sound forex trading plan. The plan should encompass the following pillars:
This pertains to whether or not the trader is ready to trade based on the outcomes of testing the acquired skills and techniques in paper trading. Questions to be dealt with here are such as: can the trader follow the signals without hesitation? etc.
This has to do with the mindset of the trader. Is the trader emotionally and psychologically ready to dive into the real time market? We cover this in a bit more detail in the Trading Psychology review and ranking attribute further below.
Money and Risk Management
This is very critical. Surveys conducted in the subject of high failure rates in forex trading showed that most failed traders lose more when they lose than they gain when they gain and this sums up to a sagging forex trading career. The main issue is risk management. Does the forex trading course in question teach the leaners how to set risk levels and ensure that when they gain they will gain more than they lose when they lose? In this module students must be able to deal with questions such as how much of their portfolio are they willing to risk per given trade. The good range is between 1% to 5% of trading capital in a given trading day. What should go with this is the principle that when the trader loses that amount they stay out of the market for that day. In a nutshell the forex course must empower students to match risk tolerance with their personality. Your risk management dimension will not be complete without clearly set market entry rules and market exit rules. This is part of systematic forex trading forex and not hopping in and out of the market hoping for the nonexistent lady luck to shower forex blessings.
This pertains to psychological and emotional readiness for the market. Mental preparation helps to stay out of the market when you are angry, preoccupied or hungover. Some traders get into what is known as vengeance trading. This happens when they have lost money in a trade and they come into the markets with the foul spirit bent on trading as much as possible in a wishful bid to recover lost capital. It will help to understand that hard work in forex trading does mean haphazard traversing of the markets without a solid strategy. This often leads to even more loss. Mental preparedness will keep you off such antics.
Some traders have mantras they repeat before they go into the market. Some go through some trading affirmation so as to get themselves into the right mind set for the real time market. Whatever it is, when it comes to choosing the best the point is that the course must empower you as a leaner not only with the technical skills and techniques but with the right trading mindset and mind tuning principles as well.
Nial Fuller has this to share on daily trading affirmation.
Trade management is an important component of a solid forex trading framework, the other principles key successful forex trading such as risk management and the psychology of trading are critically important but they remain incomplete without the aspect of trade management. Journaling is an indispensable component of systematic forex trading. A trading journal is essentially where you keep record of all your trading activity. Why is this important? Without a trading journal you will not be able keep track of your buying power and the bigger part is that you will be without reference to your past failures and successes. This will predispose you to falling into the same pit over and over again. A trading journal is important in that it helps you to introspect on your trading approach and pick out areas that need improvement. The journal is a great companion for tracking your progress and analyzing the mistakes you perhaps commit in entering and exiting trades. You already know that identifying the problem is half the solution and a trading journal helps you to do that. The evaluation of your records simply helps you to trade better and keep growing towards a well-rounded, consistent, and most importantly, inching towards profitable trading framework.
In light of the above, your search for a good online forex trading course for beginner must consider if the course does covers trade management and journaling, particularly, in-depth. This is very crucial as journaling will empower you to build careful framework for trading strategies, manage emotional triggers, be able to outline your strengths and weaknesses, keep you off questionable trades and most importantly, it will channel you on performance driven growth. Look up for the trade management (Journaling) topic in every forex trading course that you are eyeing as a want-to-be forex guru and do not settle for anything until you find good value for your hard earned buck.
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